Macro Trends Advisors LLC founding partner Mitch Roschelle argued that first-time homebuyers are “the ones getting squeezed the most between inflation and higher mortgage rates.”
First American Financial Corporation chief economist Mark Fleming weighs in on the real estate market.
"I would bifurcate the housing market between those who are cash buyers and those who are borrowing money," Roschelle told host"Those who are borrowing money, which are ostensibly the first-time homebuyers, they were getting squeezed on price gains, year-over-year price gains, and I’m hoping that what we see is a slowdown in year-over-year price gains and the higher mortgage rates will sort of offset that a little bit.
The inventory of unsold existing homes increased to 950,000 as of the end of March, which would support two months at the monthly sales pace, according to the National Association of Realtors. late last month, existing-home sales fell for the second straight month in March to a seasonally adjusted annual rate of 5.77 million. The association also noted that sales were down 2.7% from the month prior and 4.5% from the same time last year.
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